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of january, the u.s. economy will be hit by $600 billion of automatic tax increases. and automatic spending cuts. the phenomenon known as the fiscal cliff. if that happens, it will trigger a recession, or worse. so, president obama is taking action and insisting that republicans agree to increase the existing marginal tax rates on the wealthiest top 2% of u.s. taxpayers. and of course, there is more to the deal. but there will be no negotiations on that big part of the deal unless that tax on the wealthiest 2% is negotiated now. the president could not be more emphatic in stressing the indispensable element of surmounting the cliff is that super-rich revenue. >> we're not insisting on rates just out of spite. or out of any kind of partisan bickering. but rather because we need to raise a certain amount of revenue. >> okay. here is john boehner, the republican house speaker. >> if you look at the plans that the white house have talked about thus far, they couldn't pass either house of the congress. >> republicans proposed raising $800 billion in extra revenues. and that revenue should come t
business is looking good for 2013, but going over the fiscal cliff could change that. >> tom: and the u.s. treasury speeds up plans to sell its stake in general motors. is the automaker ready to stand alone? >> susie: that and more tonight on "n.b.r."! >> tom: unr the threat of ar white house veto, the u.s. house of representatives is expected to vote tomorrow on the republican plan-b to avoid the fiscal cliff. house speaker john boehner thinks the house will okay the package, trying to turn the heat up on president obama to steer clear of automatic tax hikes and government spending cuts due to take affect in 12 days. still, as darren gersh reports, there are some signs the two sides are narrowing their differences. >> reporter: house republicans say they're still working on plan a: a big agreement with the president to cut spending and raise revenues, but they were pushing plan b today-- a tax hike for those making more than a million dollars. >> tomorrow the house will pass legislation to make permane tax relief for nearly every american. 99.81% of the american people. then the presiden
ground. >> susie: i'm susie gharib. the u.s. stock market is expected to be the world's best performer in 2013. that's the prediction of john rogers of the c.f.a. institute. he joins us tonight. >> tom: and new rules for health care also are around the corner. tonight, we look at how small businesses are preparing for the changes. >> susie: that and more tonight on nbr! >> tom: there's no deal, but the two sides are still talking. house speaker john boehner and president obama met earlier this evening at the white house in an effort to move forward the stalled fiscal cliff talks. there are now just 18 days before the tax hikes and spending cuts that make up the cliff take effect, and today, there were few signs of progress. as darren gersh reports, the tone of the talks, if anything, is getting worse. >> reporter: house democratic leader nancy pelosi may just have a second career as a stock analyst. her commentary on the markets today was dead on. >> so far, they trust that we would not be so stupid as to go over a cliff. >> reporter: but pelosi made clear what everyone knows-- time is
are springing back into action. and, if you used your smartphone to shop this christmas, you're in fashion. it was the year's top retail trend. we have that and more tonight on "n.b.r."! a dramatic cliff-hanger today between washington and wall street about the fiscal cliff. stocks initially sold off after senate majority leader harry reid predicted the economy would go over the cliff. speaking from the senate floor he said there's not enough time between now and the end of the year to reach a deal. but stocks erased their losses in the final hour of trading on news that the house of representatives will reconvene on sunday night to resume talks. by the closing bell, the dow was down only 18 points, bouncing back from a triple digit loss, the nasdaq lost four, and the s&p slipped almost two points. so what happens next? and can lawmakers prevent an economic crisis by agreeing on a fiscal cliff deal? darren gersh reports. >> reporter: here is a measure of how bad things are now in washington. markets rallied on news the house will come back to work on sunday, even though there is no solutio
the embargo's lifted. thomas herzfeld, of thomas herzfled advisors joins us. that and more tonight on "n.b.r."! president obama says he's "modestly optimistic" a fiscal deal can be reached in time. he said he's instructed senator harry reid and senator mitch mcconnell to come up with a plan that can pass in congress. his brief comments a short while ago came after a white house meeting today with congressional leaders that ended with no deal. ahead of that, investors lost hope lawmakers can come together in the time remaining. in the last few minutes of trading, stocks sold off. the dow tumbled 158 points, the nasdaq lost 25, and the s&p fell over 15 points. here's darren gersh with more on the critical work that has to get done in washington this weekend. >> reporter: the president declared himself modestly optimistic congress could still reach an agreement to head off huge tax hikes on january first, but he also warned lawmakers to get their work done. >> the american people are not going to have patience with a self-inflicted wound on the economy. >> reporter: senate republican leader
ai wei wei, whose work is on exhibit in the u.s. for the first time. >> if we can change ourselves, that means part of society will change. if more people can do so, then we can change the society. >> woodruff: and we look at what the federal trade commission calls a "digital danger zone," mobile applications that gather data about children. >> what needs to be done is a way for parents to easily at any time see exactly what's being collected and who they are sharing that information with. >> woodruff: that's all ahead on tonight's newshour. major funding for the pbs newshour has been provided by: moving our economy for 160 years. bnsf, the engine that connects us. >> and by the bill and melinda gates foundation. dedicated to the idea that all people deserve the chance to live a healthy, productive life. and with the ongoing support of these institutions and foundations. and... this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> woodruff: michigan, a state considered a cradle of the
." as the tax hikes and spending cuts approach, u.s. manufacturers saw business shrink last month. the institute of supply management's purchasing managers index fell unexpectedly to 49.5, down from 51.7 in october. a reading below 50 means business has fallen back into contraction. the november statistic is the lowest since july 2009. the dow fell 60, the nasdaq down eight, the s&p 500 lost six. >> susie: jeff saut says investors seem to be ignoring bad news, and this is a bullish sign. he's managing director and chief investment strategist at raymond james. so jeff, not only are you bullish but you're also calling for a pretty decent santa claus rally. tell us why? >> well, i have learned over the 42 years in this business, susie, that it's pretty tough to put stocks to the downside in the ebullient month of december. i mean it's happened but it's a pretty rare event it just seems to be the holiday sentiment tend to its lift stocks. i think that is what will happen this kror because i'm not one that thinks we'll fall totally off the cliff. >> tell us more. you think there is going to be some k
limits on the phil buster, a tactic used to delay legislation but republicans say the tool is key to protecting their minority rights. >> warner: on the eve of world aids day, ray suarez updates the hopes and frustrations in the fight against the deadly disease. >> brown: mark shields and david brooks analyze the weeks news. >> warner: and is the grand canyon 60 million years older than we've long thought? we ask science correspondent miles o'brien. >> brown: that's all ahead on tonight's newshour. >> major funding for the pbs newshour has been provided by: >> and by bnsf railway. and with the ongoing support of these institutions and foundations. and... this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> warner: washington's clock ticked another day closer today to automatic tax hikes and spending cuts, the so-called "fiscal cliff". the president took to the road, while republicans warned there's a deadlock in efforts to reach a deficit deal. >> now, of course, santa delivers ever
's monthly snapshot of the u.s. labor market. it, too, is likely to reflect temporary effects related to the aftermath of hurricane sandy. >> we're looking for only a 50,000 gain in jobs in november, well under that 170,000 average we've seen over the past three months. >> reporter: hurricane sandy's effects on hiring may be short- lived, but experts worry fiscal cliff concerns could result in a new storm brewing for workers looking to land a job in the coming weeks. suzanne pratt, "n.b.r.," new york. >> tom: citi and the financials lead the way higher on wall street, helping the dow top 13,000 again. but a big drop in apple shares kept the nasdaq from gains. by the closing bell, the dow was up 82 points, the nasdaq down 23, the s&p added two points. >> susie: investors were also encouraged by news that american workers were very productive this past summer, and that's good news for company profits. productivity increased at its fastest pace in two years, at an annual rate of 2.9% from july through september. that number blows away the initial estimate of 1.9%. erika miller takes a cl
debate hits the floor of the u.s. house but not much progress is made. warren buffett and others tell lawmakers to look for more money from the estate tax. >> susie: i'm susie gharib. could another major bond-buying program be on the way? what we could hear tomorrow as federal reserve policymakers wrap up their two-day meeting. >> tom: ever wonder what goes into making those cardboard store displays? tonight, we look at how one box company is using them to reinvent itself. >> susie: that and more tonight on nbr! >> tom: an agreement to ease the fiscal cliff may not be wrapped up and waiting under your tree for christmas. senate majority leader harry reid said today it would be hard to get an agreement finished by the holiday, blaming the delay on republicans. not surprisingly, republicans say the president hasn't gotten serious about the talks. plenty of outside groups are offering up suggestions. and as darren gersh reports, they include warren buffett and some other big names in finance. >> reporter: there was some public movement in the fiscal cliff standoff today. instead of holdi
. in fact, it looks like u.s. consumers are doing what they do best in mid-decmber: procrastinating. how are you doing on your holiday shopping? >> pretty poorly to be honest with you. my wife typically takes care of most of it. last year, i was definitely ahead of the game. i'm probably 75% to 80% done. fantastic. haven't started yet. hoping to get a jump start on it this trip. >> reporter: retail expert mike niemira says only half of americans polled recently have finished their holiday shopping. >> the consumer is behind on their completion. that means we rely much more on the next few days for it to pick up dramatically. >> reporter: because of all the fiscal cliff doom and gloom, retailers are worried. and perhaps they should be. after all americans think their personal finances will take a hit next year. and that might mean fewer gifts under the tree. >> we believe that the post black friday lull that we've seen in the last three weeks that consumers are spending at a very restrained rate simply because they don't have the money and there's a little bit of a fear factor out there.
for 160 years. bnsf, the engine that connects us. and by the alfred p. sloan foundation. supporting science, technology, and improved economic performance and financial literacy in the 21st century. and with the ongoing support of these institutions and foundations. and... this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> ifill: house republicans today offered their counter- offer to the president's plan for a deal both sides say is needed to avoid year-end tax increases. the move was the latest volley in an increasingly tense face- off between the two branches of government. >> with 28 days left to come to a deal on the nation's fiscal cliff, the white house is holding firm on its proposal to raise taxes on the wealthy. spokesman jay carney. >> the obstacle remains at this point the refusal to acknowledge by republican leaders that there is no deal that achieves the kind of balance that is necessary without raising rates on the top 2% wealthiest americans. the math simply does not
over syria's chemical weapons capability and what, if anything, the u.s. can do about it. >> woodruff: from florida, hari sreenivasan has the story of endangered coral reefs. many of them dying because ocean temperatures are rising and the waters are more acidic. >> i remember seeing fields of elk horn coral that you couldn't see through it and you couldn't see beyond it and those same areas are dead you know 99% dead. ♪ >> ifill: and we close with a remembrance of jazz great dave brubeck who died today, one day shy of his 92nd birthday. >> woodruff: that's all ahead on tonight's newshour. major funding for the pbs newshour has been provided by: and with the ongoing support of these institutions and foundations. and... this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> ifill: the nation's third- largest bank, citigroup, announced big job cuts as it continues to scale back in the wake of the financial crisis. the 11,000 employees to be laid off worldwide, make up about 4% of the comp
and about u.s. ambassador susan rice's decision to take her name out of consideration to be secretary of state. >> woodruff: then, we turn to the fiscal crisis here at home. andrew kohut explains the latest poll numbers, showing strong support for the way president obama is handling the negotiations. >> the democrats are better regarded in this negotiation than the republicans by a lot. >> warner: plus ray >> warner: plus, ray suarez gets two views on proposals to raise the age of eligibility for medicare to 67, from 65. >> woodruff: it's bottoms up tonight for miles o'brien who reports on genetic links to alcoholism and other addictions. >> so far as i know, there's no law against reporting under the influence, so here goes something. >> warner: and we talk with ambassador marc grossman about prospects for afghanistan as the u.s. prepares to withdraw troops by 2014 and as he leaves his post as u.s. special envoy to the region. >> woodruff: that's all ahead on tonight's "newshour." >> major funding for the pbs newshour has been provided by: ♪ ♪ moving our economy for 160 years. b
-erian will join us. >> susie: and the legal marijuana business-- two states okaying it for recreational use. we talk with one company profiting from medical marijuana products. >> tom: that and more tonight on "n.b.r." >> susie: an historic move today by the federal reserve. fed chairman ben bernanke and other policy makers said they will keep their key interest rate near zero until the unemployment rate falls below 6.5% or inflation rises to 2.5%. now, this is the first time the fed has set a clear economic target for how long interest rates will stay at record lows. the surprise decision means the central bank will continue stimulating the economy by buying bonds. darren gersh explains the dramatic move. >> reporter: ben bernanke and his colleagues will no longer mark a date on the calendar for when they expect to begin raising interest rates. from now on, they'll make that call based on a target for the unemployment rate and inflation. >> it'll act to some extent as an automatic stabilizer. so if the outlook worsens and that leads markets to think that the increase in rates is further out in
in recent days. against that backdrop, president obama announced tuesday that the u.s. will now formally recognize the syrian opposition movement. >> we've made a decision that the syrian opposition coalition is now inclusive enough, is reflective and representative enough of the syrian population, >> ifill: hours later, the friends of syria meeting in marrakech, morocco took the same step. the u.s. became one of 114 nations to endorse the syrian national council created just last month under international pressure. deputy secretary of state william burns: >> in a growing number of towns and villages, a new syria is being born, the regime of bashar al assad must and will go, the sooner he steps aside the better for all syrians. >> ifill: despite showing signs last week of a possible shift in russia's position, the decision did not go down well in moscow, which opposes outside action against the assad regime. foreign minister sergei lavrov: >> ( translated ): as the coalition has been recognized as the only legitimate representative, it seems that the united states decided to place all be
live. small businesses that create two out of every three new jobs in the u.s. tonight you're going to meet some of the people behind those businesses and find out how they plan to keep building those businesses. we begin with the housing market, ground zero for the recession. from construction to appliance makers, when it collapsed it took a lot of very good companies down with it. but here's one that has managed to learn how to paint over the rough spots. you can brush it on, you can roll it on, you can get it on your pants. paint. the kelly moore plant in san carlos, california, turns out nearly 40,000 gallons a day. it's one of the largest employee-owned paint operations in the u.s. part of a $13 billion industry domestically. 140 workers in the 15 acre san carlos facility, 1,500 world wide, including 150 retail outlets in seven states. >> we own currently 58% of the stock and the rest of the stock is owned by the moore family. >> mike: you like white? they got it. you like -- they got that, too. >> still seeing a lot of reds. that teal is slipping into it. teal and turquoise. g
on the tragedy in his home state and hi24 years in u.s. senate.24 >> there is reason for people to be angry skeptical and cynical about the willingness or capacity of congress to act or stop mass violence in our country. >>woodruff: and kwame holman remembers conservative juristff former solicitor general and failedupreme court nominee robert h. bork. >> ifill: that's all ahead on tonight's "newshour." >> major funding for the pbs newshour has been proby: c >> support also comes from >> and with the ongoing support of these institutions and foundations. and... >> this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> ifill: the school shootings that shook theation sparked a new call to action at the white house today.at the president vowed to have proposals ready for the new congress that convenes next mth.t somber scenes of mourning played out once again today in newtown, connecticut. while in washington, president obama walked into the white house briefing room named for james brady-- the pre
for 160 years. bnsf, the engine that connects us. >> and by the bill and melinda gates foundation. dedicated to the idea that all people deserve the chance to live a healthy, productive life. and with the ongoing support of these institutions and foundations. and... this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> ifill: neither side showed signs of budging today as the nation edged closer toward a so- called fiscal cliff that could raise taxes by year's end. we begin with a report from newshour congressional correspondent kwame holman. >> we're going to have to see the rates on the top two percent go up. we're not going to be able to get a deal without it. >> reporter: in his first interview since the election, president obama rejected a proposal from house speaker john boehner. he spoke on bloomberg television. >> unfortunately the speaker's proposal right now is still out of balance. i'm happy to entertain other ideas that the republicans may present. but we are not going to
address once again tonight. >> warner: then, ray suarez profiles three young immigrants in the u.s. illegally and seeking a reprieve from deportation. >> my values and customs are now american. so, you know, the idea of getting kicked out to korea and never come back to the u.s., i just can't even imagine this >> woodruff: mark shields and david brooks analyze the week's news. >> warner: and we examine the growing turmoil in egypt on the eve of a referendum vote on a new constitution. >> one of the major-- has been one between islimus and nonover the future of egypt and the character of the nation >> woodruff: that's all ahead on tonight's newshour. >> major funding for the pbs newshour has been provided by: >> bnsf. >> support also comes from carnegie corporation of new york, a foundation created to do what andrew carnegie called "real and permanent good." celebrating 100 years of philanthropy at carnegie.org. >> and with the ongoing support of these institutions and foundations. and friends of the newshour. and... >> this program was made possible by the corporation for public br
accepted blame in failing to protect the u.s. diplomatic mission in libya. >> we have to do better. we owe it to our colleagues who lost their lives in benghazi. we owe it to the security professionals who acted with such extraordinary heroism that awful night to try to protect them, and we owe it to thousands of our colleagues serving america with a great dedication every day in diplomatic posts around the world. >> brown: spending versus saving: amid the last-minute holiday rush, paul solman weighs the economic benefits. >> holiday season grand central terminal and a key question: is consumerism kind of a bad thing that's overdone this time of year? or is it the key driving economic and moral force in our society? >> suarez: and we close with another in our series of interviews with newly elected congressional members. tonight, north dakota's senator- elect, democrat heidi heitkamp. >> brown: that's all ahead on tonight's "newshour." >> major funding for the pbs newshour has been provided by: ♪ ♪ moving our economy for 160 years. bnsf, the engine that connects us. >> and by the alfr
the start of the financial crisis, the health of the overall u.s. economy has become the biggest concern for state economies. with state budgets already constrained, deeper cuts from the federal government could leave them in a pickle. after all, unlike the federal government, states are required to balance their budgets every year. ruben ramirez, nbr, washington. >> susie: still ahead, there's more to holiday spending than electronics and apparel. we'll look at one holiday decorating business. >> susie: 'tis the season for procrastinators. 17 million americans were expected to hit the malls today. and the good news for merchants: many of them were simply crossing off names on their list, not bargain shopping. as erika miller reports, retailers hope they'll turn a ho-hum christmas into a merry one. >> reporter: the success of the holiday season for retailers depends on procrastinators, and also on families like the greers picking up a few extra gifts before the big day. >> we are looking for stationery, for frames. >> reporter: and that also means more gift wrap. >> we want gifts that yo
. and housing continues to be the bright spot in the u.s. economy: home prices post their biggest advance in two years. that and more tonight on "n.b.r."! christmas may be over, but the holiday shopping season continues. many consumers hit the malls today to return gifts and buy what they really wanted. and this is the time many gift cards get redeemed. but for retailers, holiday sales so far have been a flop. sales in the two months leading up to christmas, rose just 0.7%, according to mastercard advisors that tracks the numbers. that's way below what the retail industry was predicting. erika miller spoke with retail expert dana telsey and began by asking what happened. >> i think there were a confluence of events, extra long season. hurricane sandy. tragedy in ct. >> none of the events out there were feel good factor events. it was all for consumer morale. >> when you look at the weakness this holiday season, how much of the blame do you put on retailers for not having inspiring merchandise and how much of it are just factors beyond their control like the economy and the fiscal cliff? >> i thi
of got sick at the same time. all of us sort of attributed it to, well, we're all stressed out. it's very cold. but that said, there is a lot of nasty stuff hanging about. >> ifill: and hari sreenivasan has an update on the dangerous working conditions in bangladesh, where more than 100 workers have died over the past month. that's all ahead on tonight's newshour. major funding for the pbs newshour has been provided by: moving our economy for 160 years. bnsf, the engine that connects us. and by the alfred p. sloan foundation. supporting science, technology, and improved economic performance and financial literacy in the 21st century. and with the ongoing support of these institutions and foundations. and... this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> woodruff: president obama made another foray outside washington today, trying to build public support for a fiscal cliff agreement. it came a day after he resumed talking with the top house republican, and as a year-end deadline moved
of debris dotted the gulf region. >> this use to be a really big, as you can tell by the size of the slab, use to be a huge feed store, metal. it wasn't a weak building at all. you can see what it did to it. amazing. >> ifill: the same system that spawned the tornadoes dropped record snow on arkansas and texas, turning christmas lights into icicles and forcing would-be travelers to think twice. >> my mom and dad live in el paso and i was planning on going to el paso, but i think i'll be staying home now. >> ifill: in oklahoma, the icy conditions led to this 21-car pile-up last night. from there, the huge storm front lumbered on, bringing blizzard warnings in indiana and ohio. to the northeast, more than a foot of snow was expected from new york state to maine. by last night, it was already on the way. >> the winds were fierce it was blowing the cars around and you could see the semi's were swerving. >> ifill: the storm also forced cancellation of hundreds of flights and the ripple effects reached as far west as san francisco. >> after i found out my flight had been canceled after four hou
growth. and many of us believe on both sides of the aisle that fundamental reform of our tax code will help us get our economy moving faster and put more americans back to work and more americans on the tax rolls. how we get there, god only knows. >> reporter: voters who expected congress to watch over the >> so i think the tax issue and the job issue needs to be looked >> reporter: voters who expected congress to watch over the economy after the election are watching the fiscal cliff with growing alarm. >> it's going to mean a lot of problems, the job situation will actually get worse because then companies can't borrow money and if you can't borrow money, then you're gonna have problems with hiring employees and stuff like that. >> reporter: the holidays are usually times that bring families together and many would like to see that happen at the national level as well. >> so i think the tax issue and the job issue needs to be looked at together and it shouldn't be divided among rich or middle class, or lower class it shouldn't be any class, it should be america coming together a
holman. >> holman: the u.s. economy has dodged a potentially crippling strike at ports up and down the east coast and gulf coast at least, for now. the longshoremen's union agreed today to extend its existing contract by another month. that word came after the union and shipping lines worked out a deal on royalty payments for unloading containers. the contract extension gives the two sides time to resolve their remaining issues. wall street finished the week with its fifth straight losing session. stocks have been falling as concern mounts that washington will fail to get a budget deal. the dow jones industrial average lost 158 points today, to close at 12,938. the nasdaq fell 25 points to close at 2,960. for the week, both the dow and the nasdaq fell 2%. sectarian tensions flared across iraq today as tens of thousands of sunnis staged mass protests against the shi-ite-led government. there were rallies in fallujah and ramadi, where protests already had erupted earlier this week. today, mosul, tikrit and samarra had demonstrations as well. protesters took to the streets waving fla
that connects us. >> and by the alfred p. sloan foundation. supporting science, technology, and improved economic performance and financial literacy in the 21st century. >> and with the ongoing support of these institutions and foundations. and friends of the newshour. and... this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> woodruff: a holiday season that should have been alive with the joy of children is now, instead, a season of mourning their loss in newtown, connecticut. the first of the funerals took place today for the victims of the massacre at an elementary school. ray suarez begins our coverage. >> suarez: flowers streamed into funeral homes around newtown as the shock and horror of friday gave way to grim rituals of grief mourners in black waited under gray skies to attend services for jack pinto and noah, 20 of the... two of the 20 first graders killed at sandy hook elementary. townspeople are still reeling. >> really sad. i didn't want to go back to work today. it hit me ha
, is happening to us. whatever's happening in the asian community, that's us. instead of possessive commodified investment in our identities, we need to take possessive investment in our other communities' struggles. >> the life and work of junot diaz contain many worlds, and that makes him all the more worth listening to. his imagination travels between the old and the new, between the america that was and the america we're becoming. straddling different cultures, yet american to the core -- he seems to be looking in every direction at once -- a spotter of the future, a curator of the past, a man very much of the here and now. in his first book, "drown" and in "the brief wondrous life of oscar wao" -- the novel that won him the pulitzer prize, diaz writes in short, vivid strokes of realspeak. his recent collection of short stories, "this is how you lose her," was a finalist for the national book award. diaz, the novelist, once considered becoming an historian and to this day he summons his creative gifts by looking to his own past. he was born in the dominican republic, part of that caribbean
victory investment. apple didn't say where in the u.s. the line of mac computers would be built or how many jobs might be included. now the return of apple to u.s. manufacturing comes as shareholders have experienced a very rocky ride in the past few months. the stock is down 22% from its all-time high in september. suzanne pratt reports. rtses. >> reporter: a peak inside this manhattan apple store and it looks like everything is a-okay. plenty of customer, plenty of purchases. so why has the shine come off apple's shares? with a-- in a word, actually two, profit-taking. >> i think the biggest reason for the selling going back to when it was priced $700 in september is pure profit-taking. if you look from the beginning year to september, the stock was up 74%. so i think you had some natural profit-taking. >> reporter: but this isn't ode year-end selling by institutions looking to record nice numbers. this supposedly is fiscal cliff related selling as shareholders worries that capital gains tax rates will be higher next year. >> still, financial planner sharon appleman says selli
a sell- off were going to use that as opportunity to step and at least put a little bit of sideline money that our clients have and they have a lot to work. >> reporter: wren has no hesitation recommending his clients use any dip as a buying opportunity. that's because he's confident there will be a deal on the fiscal cliff in janaury. suzanne pratt, "n.b.r.," new york. >> susie: from grandma's cookies to holiday gifts for the little ones, still ahead we're riding along with u.p.s. as the shipping giant kicks off its busiest week of the year. >> tom: two mildly encouraging words were used by a group of economists to describe what next year may bring: stable and moderate. that's the 2013 outlook from the national association of business economics. the organization figures the u.s. economy will grow 2.1%, driven by housing and construction, but with corporate profit growth slowing down. nayantara hensel is the chairman of the national association for business economics. not bad, moderate, stable but certainly not robust here s it? >> no, that's absolutely right, tom. basically again we're f
years. bnsf, the engine that connects us. >> and by the bill and melinda gates foundation. dedicated to the idea that all people deserve the chance to live a healthy, productive life. >> and with the ongoing support of these institutions and foundations. and... >> this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> woodruff: the white house had a new proposal on the table today in the fiscal cliff negotiations. house republicans said it fell well short, but the two sides kept at it, hoping to avert across-the-board tax hikes and steep mandatory spending cuts in 2013. >> we're moving closer. let me say that. it looks more encouraging today than it did yesterday. >> woodruff: there were some voices today like california republican congressman wally herger who saw signs of a deal in the works. president obama offered monday to lower his target for new revenue to $1.2 trillion over ten years. down $400 billion from his first offer. he also raised the threshold for higher tax rates to hous
provided by: moving our economy for 160 years. bnsf, the engine that connects us. >> and by the alfred p. sloan foundation. supporting science, technology, and improved economic performance and financial literacy in the 21st century. >> and with the ongoing support of these institutions and foundations. and... this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> brown: gunfire tore at the nation's holiday mood again today, with the emotional wounds from a school massacre still fresh. there were more fatal shootings, including one in western new york, where an attacker lay in wait for a fire crew. >> responding firefighters when they pulled up on the scene started receiving -- were fired upon. >> police speaking shortly after a home and car erupted in flames. it was arson they said later that turned out to be an ambush. >> it does appear that it was a trap that was set. for responding first responders. >> gunmen killed two volunteer firefighters and wounded two others then killed himsel
understands that we have a responsibility to use american power wisely, especially our military power. and he knows, from personal experience, that when we send our troops into harm's way, we must give them the sound strategy, a clear mission, and the resources that they need to get the job done. in an extraordinarily distinguished senate career and as chairman of the foreign relations committee, john has played a central role in every major foreign policy debate for nearly 30 years. as we turn the page on a decade of war, he understands that we've got to harness all elements of american power and ensure that they're working together-- diplomatic and development, economic and political, military and intelligence-- as well as the power of our values which inspire so many people around the world. he is not going to need a lot of on-the-job training. he has earned the respect and trust of his senate colleagues, democrats and republicans. i think it's fair to say that few individuals know as many presidents and prime ministers, or grasp our foreign policies as firmly as john kerry. and this makes
keeps coming to mind as i try to follow the melodrama in washington that has us heading for a cliff. a fiscal cliff. but are we? or is this, another myth in the making? for some insight, we turn to two seasoned observers both of whose books you'll want to as santa to leave in your stocking. bruce bartlett was an economic adviser to the supply-side icon jack kemp, and to two presidents -- ronald reagan and the first george bush. he got into hot water with his conservative cohorts when he wrote a widely quoted book critical of the second president bush. his most recent work is "the benefit and the burden: tax reform-why we need it and what it will take." yves smith is the founder and editor of the popular blog naked capitalism. after 25 years in the financial services industry, she now heads the management consulting firm aurora advisors. she's the author of this book: "econned: how unenlightened self interest undermined democracy and corrupted capitalism." welcome to you both. >> thank you. >> thank you. >> is the fiscal cliff just a metaphor? or is it for real? >> well, the cliff is
. >> tom: i'm tom hudson. two hurricanes in two years for the northeast-- a region not used to big storms comes to terms with the cleanup and cost. >> susie: and it's green monday, one of the most popular days for online shoppers. we've got details. >> tom: that and more tonight on nbr! >> susie: president obama was in michigan today, campaigning on his plan to avert the fiscal cliff. speaking to union workers at the daimler detroit diesel engine plant, the president said he is willing to compromise "a little bit" with republicans on getting a plan for economic growth, job creation, and reducing the deficit. but he said he would not compromise on raising tax rates for high-income earners. >> and that's a principle i won't compromise on because i'm not going to have a situation where the wealthiest among us, including folks like me, get to keep all our tax breaks, and then we're asking students to pay higher student loans, or suddenly, a school doesn't have school books because the school district couldn't afford it. >> susie: meanwhile, a ranking democrat on the house budget committee tel
republican senator judd gregg joins us as the u.s. house prepares to vote on the republican plan "b" for avoiding the fiscal cliff. >> susie: and investors gobble up shares of blackberry maker research in motion as the smart phone maker posts better than expected quarterly results. >> tom: that and more tonight on nbr! >> susie: here at the new york stock exchange, the big trade of the day was the big board itself. the n.y.s.e.-euronext has agreed to sell itself to the intercontinental exchange, an acquisition that would reshape wall street. it's an $8.2 billion deal that values the n.y.s.e. at $33 a share, a 38% premium to wednesday's close. so what are the implications of an upstart exchange buying the venerable big board? erika miller reports. >> reporter: the new york stock exchange has been the symbol of capitalism for nearly two centuries, but now it wants to give up its independence and be bought by a little-known rival in atlanta. the intercontinental exchange, or "ice" for short, was started 12 years ago as an energy trading platform. since then, the exchange has evolved in
adubato on new jersey public tv. >> this moment, should i hope cause us -- should foster is a national discussion about violence in our society. if you don't deal with the fact that this young man was obviously significantly disturbed and for some reason it appears was not getting any type of treatment or care, until we deal with that issue, you're just some type of ban is not going to fix the problem. if someone is willing to give up their own life, to take the lives of others, it is almost impossible to prevent them from doing so. >> why have we failed so miserably in terms of government's role? >> because there's an extraordinary stigma that's attached to admitting you have a problem. that's whether it's alcohol or drug abuse or whether it's other types of mental illness. there's still such a stigma attached to it, to getting treatment. whether that treatment be conversational, therapy or whether it be prescription medications or a combination of both. that i think even where we offer services as governor, we do offer and pay for a lot of mental health services as a state government
only 72 firms decided to make similar payouts. this is not the first time u.s. companies have been so generous. exactly two year ago, there was a significant pickup in the number of u.s. companies declaring special dividends. the threat of higher tax rates for dividends was behind that spike, too. ample cash on a firm's balance sheet is also a common catalyst for special dividends. >> basically, companies don't want to have too much cash. and, if you don't have places to invest, if you don't have good takeover opportunities then they want to shrink the cash. >> reporter: it turns out, companies with insiders who own big chunks of stock such as brown forman are also more inclined towards special dividends. don't forget, they get rewarded, just like regular shareholders. a recent study by markit research shows more than half of the companies declaring special dividends in late 2010 had executives who owned at least 25 percent of the shares. that might give investors the idea of chasing companies likely to declare special dividends. after all there is some evidence that firms get a small
.e.o.s is feeling pessimistic about getting a fiscal cliff deal. the group's leader joins us, maya macguinneas. >> tom: and luxury fashion meets the mass market. who wins with target's pairing with neiman marcus? >> susie: that and more tonight on nbr! >> tom: there wasn't much obvious ground given today between president obama and congressional republicans in the effort to avoid the fiscal cliff in january. president obama repeated his pledge he's open to new ideas, but is holding firm on his call for higher taxes on top income earners, something missing from the g.o.p. plan. with just three weeks left, the two sides are still at odds with their opening offers. with time ticking away to reach a deal before tax cuts expire and spending cuts hit, president obama today said he's still optimistic a deal will be done and he's willing to compromise, but negotiations just aren't there yet. >> it's going to require what i talked about in the campaign, which is a balanced, responsible approach to deficit reduction that can help give businesses certainty and make sure the country grows. >> tom: the pre
services used to function. so that's one of the other things. >> brown: you are thinking of that as an experiment but in the meantime you're pushing for the extension. i mean what should happen as of december 31st. >> as of december 31st we think the program should be reauthorized as it is today. the measures of long-term unemployment have not changed at all since congress reauthorized this program. so we want it to stay the same and make sure that family its have that income support so they can stay attached to the workforce, so they can stay out of poverty and hopefully get back into this system, back into working as quickly as possible. >> brown: i know you want to experiment but are you also for extending. >> you can't go back to 14 weeks. and 26 weeks is probably going to be insufficient. but let's keep in mind that we would extend for humanitarian purposes. the economic evidence is fairly clear that extensions well beyond that 26 weeks adds to the period of time that people are unemployed. there is about a 5% increase in that because the incentive isn't there to get
. it helps those of us distanced from the loss to imagine to even grieve the emptiness of the homes and hearts of those who loved them. we will never forget. we mourn, move on, and too soon forget. then it will happen again some day. we'll scratch our heads and ask ourselves, was the last time newtown or columbine? was it aurora or that college in virginia? once again, we will mourn, move on, and too soon forget. there is an old saying that in remembrance is the secret of redemption. but america forgets quickly and gives no lasting indication it seems redemption from its fetish with guns, its romance with the free market of violence, with the sport of it all. the show must go on. it's our right. at any price. what were their names again? oh, yes. charlotte, daniel, olivia, daniel, allison, dawn. poor things. such a tragedy. praise the lord and pass the ammunition. so we make our peace with violence and make ourselves over in its image. a state senator in missouri, a lifetime member of the national rifle association, is pushing a bill to require that all first graders be enrolled in
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